By an OGJ correspondent
NICOSIA, Jan.22 -- Iraq's oil exports rebounded to 15.1 million bbl during the week ended Jan. 17, after falling 7.4 million bbl to 6.7 million bbl the previous week under the United Nations' oil-for-aid program.
Neither Iraqi nor UN officials provided an explanation for the fall-off of oil exports during the week ended Jan. 10. Iraqi export levels have recently rebounded after Saddam Hussein agreed to end an illegal surcharge on oil sales through the UN program (OGJ Online, Oct. 25, 2002). However, Iraq's oil exports have frequently fluctuated under that program, including a self-imposed ban on shipments from Apr. 9 through May 8, 2002, in protest of Israeli policies in occupied Palestinian territories.
Baghdad had called on other Muslim oil exporting countries to join its embargo but resumed crude shipments after no other nation acknowledged the call. However, that disruption cost the UN-administered program $1.1 billion (OGJ Online, May 22, 2002).
UN officials said Tuesday that Iraq exported an average 2.1 million b/d during the latest week, up more than 2 million b/d from an average of 960,000 b/d during the week ended Jan. 10.
There were 10 loadings during Jan. 11-17including 5 from the Iraqi port of Mina al-Bakr for a total of 8.9 million bbl, and 5 from the Turkish Mediterranean port of Ceyhan for 6.2 million bbl.
The UN estimated that, at an average price of $27.70/bbl, Iraq's most recent exports generated $424 million for the aid program.
UN officials approved 8 new oil sales contracts for the week, bringing the current total to 101, covering 255 million bbl of oil. The UN did not specify the volumes of the contracts.
Phase 13 of the UN's oil-for-aid program extends from Dec. 5, 2002, through June 3, 2003. The UN said estimated revenue generated from the beginning of this most recent phase stands at $1.9 billion.
